When we look at the markets, we see that Bitcoin, which saw 24 thousand dollars yesterday, declined to 22 thousand dollars. Is Tesla selling 75% of the amount of Bitcoin it holds behind this regression or are there different reasons?
Did the Sale Affect the BTC Price?
Electric car maker Tesla stated that it sold 75% of its Bitcoin amount in the second quarter, according to a statement made yesterday. It is known that 75% of the amount held by Tesla corresponds to a value of 936 million dollars, which was a valid reason for panic in the markets, and it was. After Tesla’s sale announcement, negative movements began to occur in the Bitcoin price, and this sale, which was made as expected, caused a small panic in the market. The leading cryptocurrency, which was at the level of 24 thousand dollars yesterday, fell to the level of 22 thousand dollars after the announcement and is currently continuing its price activity at the level of 22 thousand 962 dollars. We can say that although the leading cryptocurrency, which went above an important resistance level of $ 24 thousand before the announcement, experienced a pullback after the announcement, it did not have a great impact on the price. Well, if you ask why Tesla sold a large part of the amount of Bitcoin in his hand, Tesla CEO Elon Musk made some statements on the subject and touched on the reasons for the sale.
Why Did Tesla Sell BTC?
Tesla CEO Elon Musk made a statement regarding the sale, emphasizing the Covid-19 quarantines in China, saying that they aim to strengthen their cash positions amid uncertainty, and stated that they are open to increasing their Bitcoin holdings in the future. Musk also announced that they did not sell any Dogecoin in their possession, and after this statement, there was a 6% increase in Dogecoin value.
Experts Evaluate BTC Sale
After Tesla sold his Bitcoins, many experts in the crypto money industry expressed that they were not surprised by Tesla’s decision to sell. Economists note that Tesla’s decision is a typical strategy for companies to improve cash flow during economic crises. Making an assessment on the subject, Swyftx’s Head of Strategic Partnerships Tommy Honan stated that Tesla’s decision to buy Bitcoin last year encouraged many institutional investors and this sales decision could have a domino effect.
Justin Sun Evaluates the Situation
Of course, not everyone thinks negatively like Honan. There is also a group of people who think positively about this sale, including TRON Founder Justin Sun. Justin Sun, in his post on Twitter, said that Tesla’s selling Bitcoin is good news. Justin Sun shared: “The market no longer needs to worry about the Tesla sale that has plagued us for a long time. Tesla’s sale of nearly $1 billion worth of BTC shows all major companies the liquidation of Bitcoin, and Tesla’s sale of Bitcoins sets a good example for companies with Bitcoin in their hands, congratulations Elon Musk.” He used his expressions.
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